Titan Wireless Expands into Growing Check Cashing Distribution Channel Validating High Growth Strategy
Aug 30, 2007 - Titan Global Holdings, Inc. (OTCBB:TTGL), a high-growth diversified holding company, announced today that Titan Wireless, a unit of Titan's Communication Division, closed agreements with Garden State Check Cashing and Connecticut Check Cashing to distribute wireless handsets and airtime minutes in 23 locations in New Jersey and Connecticut. The Titan Wireless launch, anticipated within the next thirty days, marks Titan's first penetration into the growing check cashing distribution channel.
Titan Wireless, through its well-known brands Ready Mobile, Mojo Mobile, Picante Movil and Bravo, is a leading provider of cost effective prepaid wireless offerings through its mobile virtual network operator (MVNO) agreement with Sprint PCS. Titan Wireless completed its purchase of the assets of Ready Mobile, LLC, a national Sprint MVNO generating $12 million in annual revenues in May 2007.
"This agreement represents our expansion into the vibrant check cashing space," stated Dennis Henderson, President of Titan's Wireless Division. "We are launching with our Mojo Mobile brand and we are designing packaging specifically for check cashers who have to distribute product from behind protective glass through a size restricting 'deal tray.' Based on our anticipated successes in this channel, we will look to aggressively grow in this segment in 2008."
"We're very excited to move forward with a quality prepaid wireless handset program that works in our locations," said Bill Aehlich, Lead Buyer for Garden State Check Cashing. "In the past, handset distribution programs have not worked due to packaging limitations. Titan Wireless presented an innovative and effective packaging solution that will have an immediate impact on our prepaid business."
About Garden State Check Cashing and Connecticut Check Cashing
Garden State Check Cashing Service and Connecticut Check Cashing Service have been providing check cashing and related services to the states of New Jersey and Connecticut for over 25 years. Garden State Check Cashing is the largest licensed check cashing service in the state with 20 branches. Connecticut Check Cashing has 16 branches throughout Connecticut.
About Titan Global Holdings
Titan Global Holdings, Inc. is a high-growth diversified holding company with a dynamic portfolio of companies engaged in emerging telecommunications markets, advanced technologies and energy. In its last fiscal year Titan generated in excess of $109 million in revenues on a consolidated basis.
Titan's Oblio Telecom Inc. ("Oblio") telecommunications subsidiary, based in Richardson, Texas, is a market leader in prepaid telecommunications products and the second largest publicly-owned international telecommunications company focused on the prepaid space. Oblio leverages strategic agreements with Tier 1 telecommunications leaders Sprint and Level3 to supply its brand-name prepaid calling cards. Annually Oblio sells an estimated 35 million of its brand-name prepaid calling cards through its established distribution channels estimated at more than 60,000 retail outlets.
Titan Wireless, Inc. ("T Wireless") is Titan's wireless subsidiary and is a mobile virtual network operator ("MVNO"). T Wireless sells its MVNO prepaid wireless products and wireless services through Oblio's established distribution channels. Titan's Electronics and Homeland Security division specializes in advanced manufacturing processes to provide commercial production runs and quick-turn delivery of printed circuit board prototypes for high-margin markets including Homeland Security and high-tech clients.
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Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of TTGL could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.
